It likely is, certainly staked eth is, but it probably won't matter in the end. I think there are too many powerful forces working in eth's favour now with blackrock and fidelity looking to launch etfs and if the sec wanted to make a case they shouldn't have approved the futures etf.

I think eth gets an etf eventually (probably not May) but I don't think it matters. It will probably attract some inflows in the early months but there doesn't seem to be a ton of institutional interest in eth. Maybe if they get an etf that can stake and return the yield but the yields have already dropped by 50% since the merge. When they drop to 2-3% I am not sure how many people are going to want to take on the risk for a couple points.

Ultimately the best course of action regarding ethereum is let themselves blow themselves up via complexity or tinkering with monetary policy or let the degen market tire of them and move onto other things.

It's unfortunate that so many people keep falling for the next narrative. The new one is Larry Fink is going to tokenize the world on eth. No he is not. Not in the US at least. When asset tokenization happens it is going to happen through some entity like the DTCC and it will be a centrally controlled, regulated database not a blockchain.